Technology Select Sector SPDR Fund (NYSEARCA:XLK) Reaches New 1-Year High – Time to Buy?

Technology Select Sector SPDR Fund (NYSEARCA:XLK)’s share price reached a new 52-week high during trading on Friday. The stock traded as high as $201.16 and last traded at $200.8810, with a volume of 843351 shares traded. The stock had previously closed at $197.81.

Technology Select Sector SPDR Fund Stock Performance

The firm has a market cap of $130.61 billion, a price-to-earnings ratio of 35.59 and a beta of 1.34. The business’s 50 day moving average price is $186.05 and its 200 day moving average price is $174.50.

Institutional Trading of Technology Select Sector SPDR Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its position in shares of Technology Select Sector SPDR Fund by 0.9% during the 1st quarter. Bank of America Corp DE now owns 23,868,812 shares of the exchange traded fund’s stock valued at $3,172,165,000 after acquiring an additional 214,219 shares during the period. Focus Partners Wealth increased its stake in shares of Technology Select Sector SPDR Fund by 96.3% in the 4th quarter. Focus Partners Wealth now owns 13,123,017 shares of the exchange traded fund’s stock valued at $1,889,321,000 after purchasing an additional 6,437,393 shares in the last quarter. Royal Bank of Canada raised its holdings in Technology Select Sector SPDR Fund by 12.9% in the 1st quarter. Royal Bank of Canada now owns 5,951,587 shares of the exchange traded fund’s stock worth $790,966,000 after purchasing an additional 681,227 shares during the period. Janney Montgomery Scott LLC raised its holdings in Technology Select Sector SPDR Fund by 6.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 4,727,854 shares of the exchange traded fund’s stock worth $628,332,000 after purchasing an additional 284,037 shares during the period. Finally, Corient Private Wealth LLC boosted its position in Technology Select Sector SPDR Fund by 240.2% during the fourth quarter. Corient Private Wealth LLC now owns 1,909,450 shares of the exchange traded fund’s stock worth $274,904,000 after purchasing an additional 1,348,217 shares in the last quarter.

Technology Select Sector SPDR Fund Company Profile

The Technology Select Sector SPDR Fund is an exchange-traded fund that aims to track, before fees and expenses, the performance of the Technology Select Sector Index. The index is designed to represent the technology companies within the S&P 500 and provides concentrated exposure to industries such as software, semiconductors, IT services, communications equipment, and technology hardware.